Intuit Inc. (INTU) Position Cut by Gateway Investment Advisers LLC
Gateway Investment Advisers LLC lessened its stake in Intuit Inc. (NASDAQ:INTU) by 5.6% in the first quarter, HoldingsChannel reports. The institutional investor owned 10,058 shares of the software maker’s stock after selling 597 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Intuit were worth $2,629,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Polaris Greystone Financial Group LLC lifted its stake in Intuit by 20.3% during the first quarter. Polaris Greystone Financial Group LLC now owns 1,332 shares of the software maker’s stock valued at $354,000 after buying an additional 225 shares in the last quarter. Addenda Capital Inc. lifted its stake in Intuit by 6.2% during the first quarter. Addenda Capital Inc. now owns 24,076 shares of the software maker’s stock valued at $6,294,000 after buying an additional 1,400 shares in the last quarter. CenturyLink Investment Management Co lifted its stake in Intuit by 2.3% during the first quarter. CenturyLink Investment Management Co now owns 6,527 shares of the software maker’s stock valued at $1,706,000 after buying an additional 144 shares in the last quarter. CX Institutional lifted its stake in Intuit by 85.5% during the first quarter. CX Institutional now owns 102 shares of the software maker’s stock valued at $27,000 after buying an additional 47 shares in the last quarter. Finally, Machina Capital S.A.S. purchased a new stake in Intuit during the fourth quarter valued at about $343,000. Hedge funds and other institutional investors own 87.69% of the company’s stock.
INTU has been the subject of a number of analyst reports. KeyCorp initiated coverage on shares of Intuit in a research note on Tuesday, December 18th. They set an “overweight” rating and a $250.00 price objective for the company. Zacks Investment Research raised shares of Intuit from a “hold” rating to a “buy” rating and set a $237.00 price target for the company in a research report on Monday, January 21st. Credit Suisse Group reissued an “outperform” rating and issued a $255.00 price target (up from $250.00) on shares of Intuit in a research report on Tuesday, January 22nd. Goldman Sachs Group reissued a “neutral” rating and issued a $212.00 price target on shares of Intuit in a research report on Friday, February 1st. Finally, Morgan Stanley raised shares of Intuit from an “underweight” rating to an “equal weight” rating and set a $225.00 price target for the company in a research report on Monday, February 4th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $240.00.
Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, February 21st. The software maker reported $1.00 EPS for the quarter, beating the consensus estimate of $0.56 by $0.44. Intuit had a return on equity of 53.70% and a net margin of 22.89%. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter last year, the company posted $0.35 earnings per share. On average, sell-side analysts anticipate that Intuit Inc. will post 5.3 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 18th. Stockholders of record on Wednesday, April 10th will be paid a $0.47 dividend. The ex-dividend date is Tuesday, April 9th. This represents a $1.88 annualized dividend and a dividend yield of 0.72%. Intuit’s payout ratio is 41.50%.
In other news, EVP James Alexander Chriss sold 923 shares of the firm’s stock in a transaction on Monday, February 25th. The shares were sold at an average price of $247.10, for a total value of $228,073.30. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Dennis D. Powell sold 4,083 shares of the firm’s stock in a transaction on Wednesday, February 27th. The stock was sold at an average price of $248.96, for a total transaction of $1,016,503.68. Following the completion of the sale, the director now owns 3,550 shares in the company, valued at approximately $883,808. The disclosure for this sale can be found here. In the last 90 days, insiders sold 90,609 shares of company stock worth $22,757,853. 4.60% of the stock is currently owned by corporate insiders.
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Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States, Canada, and internationally. The company's Small Business & Self-Employed segment provides QuickBooks online services and desktop software solutions comprising QuickBooks Enterprise, a hosted or server-based solution and QuickBooks Advanced, an online enterprise solution; QuickBooks Self-Employed solution; and QuickBooks Online Accountant and QuickBooks Accountant Desktop Plus solutions; payroll solutions, such as online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms.
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